The markets are moved by animal spirits, and not by reason.

I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.

The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom.

The Economic Problem...the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and unnecessary muddle.

Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine of that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. It forgets that there is no such thing as liquidity of investment for the community as a whole.

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.